The LME three-month aluminium price was the standout performer on Friday June 26, breaching nearby resistance despite limited turnover, while a steady rise in LME copper futures prompted a tightening of the red metal's forward curve.
Aluminium's outright price on the LME closed at $1,601.50 per tonne on Friday afternoon, climbing from an intraday low of $1,571 per tonne, while turnover was lower than average with just over 13,000 lots exchanged by the close.
Upward price action in aluminium comes despite a steady rise in LME stocks over June, with total on-warrant material climbing from 1.28 million tonnes at the start of the month to the current 1.47 million tonnes.
But stock volatility has been a common feature of LME aluminium,...